Crude oil futures ended higher on Tuesday after a report from the U.S. Energy Information Administration projected U.S. GDP growth to rise by 1.9% this year. The Energy Information Administration (EIA) expects Brent crude oil prices to average $86 in the second half of 2023, up about $7 from the previous forecast. Meanwhile, traders now await, weekly oil reports from the American Petroleum Institute (API) and Energy Information Administration (EIA).
Benchmark crude oil futures for September delivery rose $0.98 or about 1.19 percent to settle at $82.92 a barrel on the New York Mercantile Exchange. Brent crude for October delivery rose $0.83 or 0.97 percent to settle at $86.17 a barrel on London's Intercontinental Exchange.